Taro Aso might not be willing to support legislation in Japan treating cryptocurrency-related income the same as that for stocks. Finance Minister Taro Aso suggested he was unwilling to push for lowering the tax rate on cryptocurrencies in Japan to a flat 20% because it’s difficult for many households to invest in digital assets. Aso…
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The government of South Korean is preparing to legislate crypto taxes by proposing a new amendment to the existing law. South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto…
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There is no denying that you should be paying taxes on your income from crypto, but how can you ensure that you are not paying more taxes than you owe? Many crypto holders are reporting their crypto transactions for the first time as a result of the United States Internal Revenue Service’s question about “virtual…
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New research has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in Latin America. Research from Latin American crypto exchange Buda has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in the region. Buda has provided a series of tax guidelines outlining measures crypto traders…
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The crypto industry’s attitudes toward tax are maturing, with a recent survey indicating that two-thirds of digital asset users are in favor of cryptocurrency taxation. A recent survey conducted by South Korean wallet provider Childly found that 66% of respondents are in favor of crypto assets being taxed. The poll of more than 5,750 crypto…
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In response to the coronavirus pandemic, the IRS is updating some important guidelines and procedures to make them easier. Many investments these days seem volatile, but there are few asset classes that have been as volatile as crypto. If you have losses, you might have trouble claiming them, offsetting gains or reducing your income. In…
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Crypto accounting software firm Lukka has been chosen by RSM, the fifth-largest accounting firm in the U.S., to provide its tax technology to RSM’s clients. Blockchain-native software and tax services company, Lukka, has been chosen to provide crypto taxation software to the fifth-largest accounting firm in the United States, RSM. Cointelegraph spoke to Lukka CCO…
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Given the economic losses due to the COVID-19 pandemic, can we expect governments to be more vigilant in taxing cryptocurrency this year? Could this be the year the world gets serious about cryptocurrency taxation? The coronavirus pandemic, after all, could cost the global economy as much as $4.1 trillion — or almost 5% of global…
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As part of the Financial Statements Committee, the Minister of Finance is conducting an investigation into digital assets in Japan. According to top government officials in Japan, the current national tax system is not yet capable of accepting declarations of digital assets, potentially leading to outflows overseas. In a Q&A session at the Financial Statements…
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The Spanish tax office is warning tens of thousands of crypto traders to honor their tax obligations. The Spanish tax authority has begun sending out warning notices to 66,000 cryptocurrency holders to remind them of their tax obligations. According to Europa Press, the Agencia Estatal de Administración Tributaria (AEAT) began the campaign on April 1, and…
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